Please lets not also forget that many thousands "invested" here as a direct result of the over 70 page dossier prepared by architect fsjamescampbell (AKA Frank Smith) from Rochdale.
We all know now that Mr Campbells report was not quote:- "100% true and factual" and he bailed out shortly after writing it. Wouldn't that be considered to be deliberate pump and dump tactics, designed to entice investors and isn't that ILLEGAL? If not, why not? |
Hi PATT!
Happy Christmas to you.
One simple explanation is for what has happened here is that the gold has simply been "lost" somewhere along the way.
Another one is that the original mineral resource estimate at Kouroussa was catastrophically wrong, and that the grades estimated were never actually there. This can happen, and I always had a funny feeling about Kouroussa - very high strip ratio, but good grades in small patches - it never did make much sense as a deposit.
Anyway, here we are. Another AIM miner soon to bite the dust. Unless AIM regulation improves quickly the whole market will follow with it. We really need to see directors being sued for every penny they have and going to jail for long prison terms. Only that will restore investor confidence. |
purchaseatthetop As the info. trader 465 put on here some time ago, I suspect you are correct with your assumption, and I think the ongoing investigation will prove that. And I did alert the shareholders here to this years ago.
Tiger. Hum were not registered with the FCA. The investigation here is through AIM. |
TBTT. I have not followed HUM but the RNS today looks like they have simply had the gold produced stolen! To deliver less than 50% of the forecast gold grade suggests that things are walking! |
 Thoughts:
1. How HUM has been mismanaged (at the least) into this position is an absolute scandal. Dan Betts etc. need to hang their heads in shame. Hopefully, the FCA have enough gumption to work out what went wrong and to press charges if appropriate.
2. The RNS this morning is a clear warning to shareholders - vote for the deal or its administration. Given that HUM's new management will know how the voting is going (they can see the votes as they come in), and the implication must be that the vote is going against the deal (hence the RNS), this means that buying these shares at 2p in the hope of getting 2.7p is taking a big risk - way too big a risk in my view.
3. I'm a little bit puzzled why Coris group are offering this deal at all given HUM's blatant and ever-worsening insolvency. I can think of only two reasons: a. the mining licences are cancelled in the event of a bankruptcy; b. Coris Bank's balance sheet is not strong enough to stand the write down in the event of bankruptcy, and this is an "extend and pretend" situation. |
Bust and in the hands of private equity just one month after announcing commercial production. Deliberately? |
The only things they missed out of the trading statement were fire and brimstone and ten great plagues. It doesn't say much for Betts' management that Yanfolila has a negative value and Kouroussa is a basket case. The votes should go through now!! |
That chance has gone. This is a proper stitch up and thr RNS today is so transparent. Very sorry for the decent folks here. Frog |
2.7p now in deep jeopardy. |
what a trading update! make it sound as bleak as possible! Once in private hands the turnaround will be rapid me thinks! |
goldgeezer. Don't think Kenny is invested here but I guess you are? |
How much are you down here Kenny. It's very upsetting to see your losses all over the boards. Keep quiet if I was you. |
kennyp52 Even worse is Infinity888 who told us all proudly that he holds 2 MILLION shares (post14456) av. 15 p and that quote:-
"I have nicely averaged down in time. You are a psycho."
Guess what Infinity? The psycho was right. |
Plat Hunter’s last post ..
Plat Hunter - 07 Nov 2024 - 10:07:54 - 15434 of 15482 Hummingbird Resources (moderated) - HUM
Taking losses comes with experience chesty. you either have cut or trade your averages down to reduces your losses over time... The latter requires knowing how long you have and sticking to it religiously.
I do hope he is ok … sounds like he kept buying into this mess 🤷a94;️ |
1knocker. I also foolishly held on "in case it came good." This is now under investigation and although the investigators need to "hold their cards close to their chests" things are progressing. I believe the "decent assets" situation to be correct but where the assets were allocated is under now scrutiny. IMO all is not lost. |
I regard anything i get from this as a bonus, so I am delighted with the takeover. I am barely going to notice the addition to my cash account, but something is better than nothing.
Fortunately, have only a very small holding left. I bought years ago (at 36p, dear god!). That was intended as a starter holding, but happily I never added. The price I got when I sold over half that holding seemed like kick in the teeth at he time, but looks like riches now.
I hung on to a few just in case it came good. There did seem to be decent assets there. A triumph of misplaced hope over experience.
My commiserations to those who have hung on to larger holdings. As for those who have topped up, I think it has been reasonably obvious for a long time that buying was a gamble at very unfavourable odds, so I hope they kept the gamble small.
Anyone who topped up merely to 'average down' deserves all he has suffered. A buy today is neither better nor worse because one bought yesterday at a higher, or lower, price. Every purchase is a separate investment. Nor is there any rule that you have to make back your losses by further purchases of shares in the company on which those losses were made! |
TBTT Exactly!!!!!! |
It is a very interesting question why Coris / Nioko leant so much money to HUM and tolerated Dan Betts' obvious arrogance and incompetence for so long.
If I were the very rich man behind Coris / Nioko I'd be asking if some of my employees hadn't been doing business "under my own roof" (i.e. accepting bribes in return for extending loans). Maybe I lack imagination, but I can't explain Coris's extraordinary toleration of what was clearly business malpractice (at least) for so long. |
sid b In a nutshell, no, they don't. Unfortunately most of the time with these situations disgruntled shareholders try to salvage what they can and accept the lowball offer, rather than identify exactly the reason why this happened. Then they can take the appropriate steps as some are now doing. |
I think you have to vote by 7o'clock. Not much time to cast your vote |
Folks, could you pls share your understanding of Nioko takeover?
Banks are not interested in managing or operating assets. So, their key objective would be to extract value and sell their shares to other institutions or public.
To extract their share of invested sum they will either withdraw dividends or ultimately sell shares at a higher price. In both the situations, the minority shareholders will benefit in the process.
If Nioko is unable to extract the intended value then it could be bcos of 2 reasons - HUM continues it's lacklustre performance under the new leadership or Nioko never intended to extract any value. This whole loan to equity conversion exercise is to show Nioko's shareholders that they are doing something. Then Nioko will simply write off the loans in their books at a later stage. This is not uncommon in African and Asian economies which also is often combined with corruption/bribes paid to top bank officials by crook entrepreneurs.
What in your opinion is happening in Nioko's case. I am interested in the intention of this bank... Do they have any history of orchestrating turnarounds like this?
Thoughts welcome. |
Cinoib From what I hear, the World is changing at last. The case over here about the Ceo of the health insurance company is a good example and the killer is quickly becoming an online folk hero. His actions were in response to a healthcare system that had fallen short. The AIM market is also falling short and recently I read a report "London's AIM market is dying, here's how to fix it."
Just today, I read that Carlos Watson, Ceo and co-founder of Ozy media was sentenced to 10 years in prison for quote:- "securities fraud, defrauding investors and misrepresenting the companies financies." Perhaps in the future investors will be entitled to the protection that they deserve? |
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